Slower inflation growth eases pressure on US Fed to hike interest rates

US inflation grew at a slower pace than expected in July, according to the latest government figures, easing pressure on the Federal Reserve to deliver another super-sized interest rate hike.

Consumer prices jumped by 8.5% in July compared with a year earlier, down from the 9.1% year-on-year jump in June.

It was helped by falling fuel prices.

On a monthly basis, prices were unchanged between June and July, for the first time in more than two years.